B. Riley Financial Issues Pessimistic Forecast for Bit Digital (NASDAQ:BTBT) Stock Price

Bit Digital (NASDAQ:BTBT) had its target price decreased by research analysts at B. Riley Financial from $6.00 to $5.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s price target would indicate a potential upside of 266.30% from the stock’s current price.

BTBT has been the topic of several other reports. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Weiss Ratings cut shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Thursday. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.67.

Bit Digital Price Performance

BTBT traded down $0.02 during trading on Thursday, hitting $1.37. 11,641,930 shares of the company traded hands, compared to its average volume of 25,189,061. The company has a current ratio of 6.39, a quick ratio of 17.53 and a debt-to-equity ratio of 0.13. The company has a market cap of $445.78 million, a PE ratio of -2.48 and a beta of 4.02. The stock’s 50-day simple moving average is $1.72 and its two-hundred day simple moving average is $2.42. Bit Digital has a 1 year low of $1.25 and a 1 year high of $4.55.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.The company had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. As a group, sell-side analysts anticipate that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently modified their holdings of BTBT. Sheets Smith Wealth Management bought a new stake in shares of Bit Digital in the 3rd quarter worth about $30,000. Hamilton Wealth LLC bought a new stake in Bit Digital in the third quarter worth about $30,000. LCM Capital Management Inc purchased a new position in shares of Bit Digital during the third quarter valued at approximately $33,000. Rafferty Asset Management LLC purchased a new position in shares of Bit Digital during the third quarter valued at approximately $33,000. Finally, Walleye Trading LLC bought a new position in shares of Bit Digital during the second quarter valued at approximately $25,000. Institutional investors own 47.70% of the company’s stock.

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.